ARLINGTON, Va.--(BUSINESS WIRE)--
MCG Capital Corporation (MCGC) (“MCG”) today announced the closing of a $12 million investment in Accurate Group Holdings, LLC. (“Accurate”). MCG’s investment consists of a $10 million subordinated term loan and a $2 million equity co-investment.
Accurate is a technology-enabled, outsourced provider of real estate transaction services to mortgage lending and loan servicing clients. MCG’s investment was made concurrently with ABS Capital Partners’ (“ABS”) investment in Accurate. ABS is a growth equity firm that makes investments typically ranging from $10 to $50 million.
“We are excited about partnering with ABS again and value our long standing relationship,” stated Peter Malekian, Executive Vice President and Managing Director of MCG. “In our view, Accurate is a quality growth company with a high caliber management team led by President and CEO, Paul Doman. We believe that this investment highlights our expertise and continued interest in providing flexible financing solutions for technology, software and information-enabled business service companies in a broad range of end markets.”
“We are pleased to again be working with MCG as a partner. We appreciated the speed with which they were able to thoroughly analyze and commit to this financing and look forward to their insights and judgments as Accurate continues to grow its business in the coming years,” remarked Phil Clough, Managing General Partner at ABS.
About MCG Capital Corporation
MCG Capital Corporation is a solutions-focused commercial finance company providing capital and advisory services to middle-market companies throughout the United States. Our investment objective is to achieve current income and capital gains. Our capital is generally used by our portfolio companies to finance acquisitions, recapitalizations, buyouts, organic growth and working capital. For more information, please visit www.mcgcapital.com.
Statements in this press release regarding management’s future expectations, beliefs, intentions, goals, strategies, plans or prospects may constitute forward-looking statements for purposes of the safe harbor protection under applicable securities laws. Forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “could,” “could increase the likelihood,” “estimate,” “expect,” “intend,” “is planned,” “may,” “should,” “will,” “will enable,” “would be expected,” “look forward,” “may provide,” “would” or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including management’s belief in Accurate’s management team and ability to grow and the belief that MCG’s investment in Accurate reinforces MCG’s expertise in providing flexible financing solutions for technology, software and information-enabled business service companies in a broad range of end markets, as well as those risks, uncertainties and factors referred to in MCG’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 filed with the Securities and Exchange Commission under the section “Risk Factors,” as well as other documents that may be filed by MCG from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. MCG is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Keith Kennedy, 703-247-7513